Tax And Regulatory - Sample Questions
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Sample Question Paper for Tax Proficiency Test (TPT)
- 1.A company is required to pay 75% of its advance tax liability by which date:
- A.
15 March of the previous year
- B.
15 December of the previous year
- C.
15 September of the previous year
- D.
15 June of the previous year
- 2.Capital Gains arises from the transfer of:
- A.
Any asset
- B.
Any capital asset
- C.
Land only
- D.
All assets other than land
- 3.In the hands of the transferor, the transfer of capital asset by way of gift is:
- A.
Taxable as income from Capital Gains
- B.
Taxable as income from Other Sources
- C.
Wholly exempt
- D.
Exempt subject to certain conditions
- 4.Additional depreciation under Section 32(1)(iia) of the Income-tax Act,1961 is available to:
- A.
Plant & Machinery only
- B.
Plant & Machinery and Buildings
- C.
Plant & Machinery and intangible assets
- D.
All depreciable assets under the Income-tax Act, 1961
- 5.Deduction of profit and gains derived from export under section 10AA available to SEZ units is for __________ years.
- A.
10
- B.
5
- C.
8
- D.
None of these
- 6.If an assessee is rendering both taxable services as well as exempted services, what percent of exempted services can an assessee opt to pay, if separate books of accounts are not maintained?
- A.
8 percent
- B.
10 percent
- C.
6 percent
- D.
5 percent
- 7.
- A.
At the time of removal of goods from the factory
- B.
At the time of manufacture of goods
- C.
At the time of receipt of payment from the customer
- D.
At the time of entry in the books of account
- 8.Scripts of which of the following schemes can be purchased in the open market and be used to discharge Customs duty?
- A.
Served from India Scheme
- B.
Export Promotion Capital Goods Scheme
- C.
Advance authorization
- D.
Focus Market Scheme
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